TORONTO, Dec. 5, 2011 /PRNewswire/ - Agnico-Eagle Mines Limited ("Agnico-Eagle"
or the "Company") today announced updated mineral resource data as at
October 19, 2011 for its Goldex mine. In a press release dated October
19, 2011, the Company previously announced its intention to reclassify
all of the proven and probable gold reserves at Goldex, other than the
ore stockpiled on surface, as mineral resources. The reclassification
was confirmed in a technical report compliant with the Canadian
Securities Administrators' National Instrument 43-101 ("NI 43-101")
with respect to the reserve and resource estimates at the Goldex mine,
filed by the Company today. The report entitled "Technical Report on
Restatement of the Mineral Resources at Goldex Mine, Quebec, Canada as
at October 19, 2011" may be found at www.sedar.com.

Detailed Mineral Reserve and Resource Data

The following table sets out the gold reserves and resources at the
Goldex mine as at October 19, 2011, after the reclassification:*

Category

Grade (g/t gold)

Tonnes (000s)

Proven Mineral Reserve**

1.70

77

Probable Mineral Reserve

-

-

Total Proven and Probable Reserve**

1.70

77

Measured Resource

1.86

12,362

Indicated Resource

1.68

21,234

Category

Grade (g/t gold)

Tonnes (000s)

Total Measured and Indicated Resource

1.75

33,596

Total Inferred Resource

1.67

25,813

* Tonnage amounts and contained metal amounts presented in this table
have been rounded to the nearest thousand. Reserves are not a sub-set
of resources.** As at October 19, 2011, there was a proven mineral reserve of
approximately 4,000 ounces of gold contained in approximately 77,000
tonnes grading 1.70 g/t in ore stockpiled on surface. As at October
30, 2011, all of the ore in the stockpile had been processed through
the mill.

About Agnico-Eagle

Agnico-Eagle is a long established, Canadian headquartered, gold
producer with operations located in Canada, Finland and Mexico, and
exploration and development activities in Canada, Finland, Mexico and
the United States. The Company has full exposure to higher gold prices
consistent with its policy of no forward gold sales and maintains a
corporate strategy based on increasing shareholders' exposure to gold,
on a per share basis. It has paid a cash dividend for 29 consecutive
years. www.agnico-eagle.com

Forward-Looking Statements

The information in this news release has been prepared as at December 5,
2011. Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward looking
information" under the provisions of Canadian provincial securities
laws and are referred to herein as "forward-looking statements". When
used in this document, words such as "anticipate", "expect",
"estimate," "forecast," "planned", "will", "likely", "schedule" and
similar expressions are intended to identify forward-looking
statements.

Such statements include without limitation: the Company's
forward-looking production guidance, including estimated ore grades,
reserves and resources, project timelines, drilling results, orebody
configurations, metal production, life of mine trends, production
estimates, the estimated timing of scoping and other studies, the
methods by which ore will be extracted or processed, recovery rates,
mill throughput, and projected exploration and capital expenditures,
including costs and other estimates upon which such projections are
based; the Company's plans to assess, monitor and remediate subsidence
issues at Goldex and the related costs; the Company's plans to continue
exploration drilling at Goldex; the potential to resume mining or other
discontinued operations at Goldex; and other statements and information
regarding anticipated trends with respect to the Company's operations,
exploration and the funding thereof. Such statements reflect the
Company's views as at the date of this press release and are subject to
certain risks, uncertainties and assumptions. Forward-looking
statements are necessarily based upon a number of factors and
assumptions that, while considered reasonable by Agnico-Eagle as of the
date of such statements, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. The
factors and assumptions of Agnico-Eagle contained in this news release,
which may prove to be incorrect, include, but are not limited to, the
assumptions set forth herein and in the Company's Annual Report on Form
20-F (the "Form 20-F") in respect of the year ended December 31, 2010
and management's discussion for the periods ended March 31, 2011, June
30, 2011 and September 30, 2011, all of which are filed with securities
regulators in Canada and the United States, as well as: that there are
no significant disruptions affecting operations, whether due to labour
disruptions, supply disruptions, damage to equipment, natural
occurrences, equipment failures, accidents, political changes, title
issues or otherwise; that permitting, production and expansion at
Goldex proceed on a basis consistent with current expectations and that
Agnico-Eagle does not change its plans relating to Goldex; that the
exchange rate between the Canadian dollar and the United States dollar
will be approximately consistent with current levels or as set out in
this news release; that prices for gold, silver, zinc, copper and lead
will be consistent with Agnico-Eagle's expectations; that prices for
key mining and construction supplies, including labour costs, remain
consistent with Agnico-Eagle's current expectations; that
Agnico-Eagle's current estimates of mineral reserves, mineral
resources, mineral grades and metal recovery are accurate; that there
are no material delays in the timing for completion of ongoing growth
projects; that the Company's current plans to optimize production are
successful; and that there are no material variations in the current
tax and regulatory environment. Many factors, known and unknown, could
cause the actual results to be materially different from those
expressed or implied by such forward-looking statements. Such risks
include, but are not limited to: the volatility of prices of gold and
other metals; uncertainty of mineral reserves, mineral resources,
mineral grades and metal recovery estimates; uncertainty of future
production, capital expenditures, and other costs; currency
fluctuations; financing of additional capital requirements; cost of
exploration and development programs; mining risks; risks associated
with foreign operations; governmental and environmental regulation; the
volatility of the Company's stock price; and risks associated with the
Company's byproduct metal derivative strategies. For a more detailed
discussion of such risks and other factors, see the Form 20-F, as well
as the Company's other filings with the Canadian Securities
Administrators and the United States Securities and Exchange Commission
(the "SEC"). The Company does not intend, and does not assume any
obligation, to update these forward-looking statements and information,
except as required by law. Accordingly, readers are advised not to
place undue reliance on forward-looking statements. Certain of the
foregoing statements, primarily related to projects, are based on
preliminary views of the Company with respect to, among other things,
grade, tonnage, processing, recoveries, mining methods, capital costs,
total cash costs, minesite costs, and location of surface
infrastructure. Actual results and final decisions may be materially
different from those currently anticipated.

This press release uses the terms "measured resources" and "indicated
resources". We advise investors that while those terms are recognized
and required by Canadian regulations, the SEC does not recognize them.
Investors are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves.

This press release also uses the term "inferred resources". We advise
investors that while this term is recognized and required by Canadian
regulations, the SEC does not recognize it. "Inferred resources" have a
great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are cautioned
not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.

Scientific And Technical Data

Agnico-Eagle Mines Limited is reporting mineral resource and reserve
estimates in accordance with the CIM guidelines for the estimation,
classification and reporting of resources and reserves.

Cautionary Note To U.S. Investors - The SEC permits U.S. mining
companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or
produce. Agnico-Eagle uses certain terms in this press release, such as
"measured", "indicated", and "inferred", and "resources" that the SEC
guidelines strictly prohibit U.S. registered companies from including
in their filings with the SEC. U.S. investors are urged to consider
closely the disclosure in our Form 20-F, which may be obtained from us,
or from the SEC's website at: http://sec.gov/edgar.shtml. A "final" or
"bankable" feasibility study is required to meet the requirements to
designate reserves under Industry Guide 7.

Estimates for the Goldex mine were calculated using historic three-year
average metals prices and foreign exchange rates in accordance with the
SEC Industry Guide 7. Industry Guide 7 requires the use of prices that
reflect current economic conditions at the time of reserve
determination, which the Staff of the SEC has interpreted to mean
historic three-year average prices. The assumptions used for the
mineral reserves and resources estimates reported by the Company today
were based on three-year average prices for the period ending December
31, 2010 of $1,024 per ounce gold and a C$/US$ exchange rate of 1.08.

NI 43-101 requires mining companies to disclose reserves and resources
using the subcategories of "proven" reserves, "probable" reserves,
"measured" resources, "indicated" resources and "inferred" resources.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability.

A mineral reserve is the economically mineable part of a measured or
indicated resource demonstrated by at least a preliminary feasibility
study. This study must include adequate information on mining,
processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be
justified. A mineral reserve includes diluting materials and allows for
losses that may occur when the material is mined. A proven mineral
reserve is the economically mineable part of a measured resource for
which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and evaluation
of the economic viability of the deposit. A probable mineral reserve is
the economically mineable part of an indicated mineral resource for
which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic
viability of the deposit.

A mineral resource is a concentration or occurrence of natural, solid,
inorganic or fossilized organic material in or on the Earth's crust in
such form and quantity and of such a grade or quality that it has
reasonable prospects for economic extraction. The location, quantity,
grade, geological characteristics and continuity of a mineral resource
are known, estimated or interpreted from specific geological evidence
and knowledge. A measured mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed
and reliable exploration, sampling and testing information gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely enough
to confirm both geological and grade continuity. An indicated mineral
resource is that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics can be
estimated with a level of confidence sufficient to allow the
appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the
deposit. The estimate is based on detailed and reliable exploration and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes
that are spaced closely enough for geological and grade continuity to
be reasonably assumed. An inferred mineral resource is that part of a
mineral resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade continuity.
The estimate is based on limited information and sampling gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes.

Investors are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.

A Feasibility Study is a comprehensive technical and economic study of
the selected development option for a mineral project that includes
appropriately detailed assessments of realistically assumed mining,
processing, metallurgical, economic, marketing, legal, environmental,
social and governmental considerations together with any other relevant
operational factors and detailed financial analysis, that are necessary
to demonstrate at the time of reporting that extraction is reasonably
justified (economically mineable). The results of the study may
reasonably serve as the basis for a final decision by a proponent or
financial institution to proceed with, or finance, the development of
the project. The confidence level of the study will be higher than that
of a Pre-Feasibility Study.

The mineral reserves presented in this disclosure are separate from and
not a portion of the mineral resources.

Additional information on the Goldex mineral project that is required by
NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can
be found in the Technical Report referred to below, which may be found
at www.sedar.com. Other important operating information can be found in the Company's
Form 20-F and its news release dated October 19, 2011.

The contents of this press release have been prepared under the
supervision of, and reviewed by, Marc Legault P.Eng., Vice-President
Project Development and a "Qualified Person" for the purposes of NI
43-101.